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UPDATE 1-EIB raises 182 mln eur from CO2 sales in March
April 12, 2012 / 4:45 PM / 6 years ago

UPDATE 1-EIB raises 182 mln eur from CO2 sales in March

(Updates with more detail)

LONDON, April 12 (Reuters) - The European Investment Bank (EIB) has raised around 182 million euros ($239.78 million) from the sale of 21.6 million European Union carbon permits in March, fetching an average price of 8.43 euros a tonne each, the bank said on Thursday.

The bank’s sales of EU Allowances for December 2013 delivery were carried out on a forward basis via the over-the-counter market and over exchanges, the EIB said in its monthly report on carbon permit sales volume.

The bank added exchange cleared transactions and direct screen trades at the end of the month as it became a member of the European Energy Exchange and ICE Futures Europe.

The volumes sold per trading day varied between 950,000 and 1.15 million during March. The next monthly carbon sales report will be published on May 8, the bank added.

The money from the carbon permit sales is earmarked to spur various renewable energy and carbon capture and storage projects across the 27-nation bloc.

The bank has raised nearly 671 million euros since it started selling the so-called EU Allowances (EUAs) in early December 2011, it said.

The EIB has a mandate to sell 300 million carbon permits sourced from a new entrants’ reserve for the EU carbon scheme’s third phase (2013-2020).

A first tranche of 200 million EUAs will be sold by October. A second tranche totaling 100 million permits will follow, but a start date has yet to be set.

The sales figures for March come around a week after EUAs fell to a new record low of 5.99 euros a tonne mainly due to growing excess supply in the market.

The price collapse means the EIB sales will provide less money for cleaner energy projects than initially planned.

EUAs for December 2013 delivery closed at 7.69 euros a tonne on Thursday. ($1 = 0.7590 euros) (Reporting by Nina Chestney, editing by William Hardy)

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